UU.L falls to lowest close since March 27th
United Utilities (UU.L) Technical Analysis Report for Sep 14, 2018
Moving lower for the 4th day in a row, UU.L finished the week -2.61% lower at 700.20 after losing £8.00 (-1.13%) today. Today's closing price of 700.20 marks the lowest close since March 27th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 704.20, the share confirms its breakout through the prior session's low having traded £4.00 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was £10.20 (1.44%), that's far below last trading month's daily average range of £14.73. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Breaking below the key support level at 706.40 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Trading close to July's low at 695.20 we might see further downside momentum if potential sell stops at the level get activated.
While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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